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Mortgage applications soar by 50% in Q3 2020

Ivan Fredriech Cano / Realestate.com.kh Share:
Gated communities, more popularly known as boreys, are a popular property choice among Cambodian buyers. Borey Uptown

Cambodia’s mortgage applications soar by 50% in Q3 of 2020, according to a report by the Cambodia Credit Bureau. The outbreak of COVID-19 significantly slowed the surge of Cambodia’s property market. But as the year draws to a close, the sector is starting to see signs of recovery mainly fueled by local demand.

Cambodia’s property market saw significant slowdowns in growth largely due to COVID-19 restricting international travel and disrupting global supply chains. These hindered the usual international clientele purchasing property and disrupted the construction schedule of many developments, respectively. The decrease in foreign buyers especially hit large apartment sale prices resulting in as much as 30% median sale price decrease, according to Market Trends by Realestate.com.kh.

As the threat of COVID-19 persists, property developers have shifted to meeting the preferences of the local market. Affordable and Mid-Tier properties, quite popular among many local buyers, have seen sale prices largely remain stable throughout 2020, according to Market Trends by Realestate.com.kh.

As mortgage applications surge in Q3 2020, Cambodia’s property market may initially see signs of recovery thanks to an increase in local interest, particularly in the Affordable and Mid-Tier property segments.

 

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https://www.realestate.com.kh/news/cambodia-mortgage-applications-soar-50-percent-q3-2020/

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